India’s Oil Imports From Venezuela Plunge To Lowest Since 2012

As crisis-stricken Venezuela is struggling with a steep decline in its oil production, India’s average oil imports from the Latin American OPEC member have slumped over the last few months to their lowest level since 2012, Reuters reported on Tuesday, quoting industry and shipping sources. Between November 2017 and February 2018, Indian crude oil imports from Venezuela averaged some 300,000 bpd, down by around 20 percent compared to the same period a year earlier, industry and shipping sources told Reuters on the condition of anonymity. To compare, the five-year average rate of Indian oil imports from Venezuela is about 440,000 bpd, according to industry and shipping data. Venezuela’s crude oil production has been in freefall for months now as the country is hit by a severe economic crisis and hyperinflation. Years of mismanagement and lack of investments in the oil industry contribute to the massive drop in production, and […]